The Hindu Business Line : Syndicate Bank to enter BPO space

SYNDICATE Bank has firmed up plans to enter the BPO space, courtesy a proposal that will result in a venture aimed at catering to a number of sectors.

The bank intends to deploy select personnel and use its own premises to serve businesses such as insurance and credit cards. The idea is to leverage the potential of its staffers, provide them the right training and environment, and enable them to add value to clients from across industries.

Syndicate Bank is hoping to secure mandates from companies which may need assistance for salary disbursements, indicated bank officials, adding that insurance outfits that require back-office inputs may also provide the proposed BPO with some interesting opportunities.

"As for technology, we are already equipped to offer BPO services. We may have to supply our personnel with the necessary hardware," said Mr S. Malhotra, General Manager, Syndicate Bank. He was addressing newspersons in connection with the bank's forthcoming public issue.

On another front, the bank has proposed to foray into venture funding, thanks to a special vehicle that will be earmarked for investing in agri-projects. Final details of the plan are yet to be worked out.

The central bank's permission for the venture fund has been obtained, it is pointed out.

The bank has further identified select locations in West Asia (as well as South Africa) to expand its international operations. It already maintains a branch in London. Nearer home, it is taking steps to increase its fee-based income; tie-ups with United India and Bajaj Allianz have been forged for distribution of insurance products.

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